For all the talk about high-profile fashion and luxury brands entering the metaverse with digital partners, the fact is that most companies are at least five years away from seeing any financial profits from this realm, according to a recent report by influential fashion website The Business of Fashion and consultancy McKinsey & Co. But what is also true is that global spending on virtual goods hit US$110 billion (S$152.4 billion) in 2015, and is expected to grow to US$135 billion by 2024. Hardly chump change.
Related: Virtual fashion is going mainstream
British heritage label Burberry and video game Minecraft collaborated on an in-game adventure called Burberry: Freedom to Go Beyond, a physical capsule collection and a further range of “extensions and experiences”.
The in-game adventure lets the player journey through four realms peppered with imaginative elements referencing Burberry, such as an Equestrian Knight character as well as a Thomas Burberry Monogram Maze. Players can also dress their avatars and themselves in collaborative skins and real-life outfits, respectively. The capsule collection includes five looks that have been made available in both worlds, so you and your virtual mini-me can dress alike.
GooDGame is the name of a web series created by Dolce & Gabbana in collaboration with Mkers, an Italian eSports company. The eight-parter shows what goes on behind the scenes as four teams of gamers from gaming houses from Italy, Japan, Brazil, and the US prepare for major competitions. As part of its foray into the metaverse, Dolce & Gabbana will also team up with SKNUPS, a digital collectible platform, to create branded skins for leading video games. There’s stuff for real life as well: The brand has launched a new limited-edition clothing collection featuring what it describes as “eccentric colourways that express the jollification of gaming”.
Related: Why the fashion industry is big on making the big leap to the metaverse
Why should MCM fans have to limit themselves to hanging out at the brand’s boutiques? That seems to be the question the fashion brand’s management had in mind when it teamed up with tech start-up Inverse to create the (rather cleverly named) MCM’etaverse.
Accessible through the brand’s website on mobile and desktop, the MCM’etaverse is basically a virtual flagship store. Besides being able to learn more about the brand and its products, users will have access to special products in virtual pop-ups. They can even invite their friends into this world and chat with them, without worrying about mundane issues like closing hours.
Following the trend of phygital events now comes the rise of phygital products. Rimowa’s recent sold-out collaboration with Nike-owned digital fashion and 3D creation studio RTFKT (pronounced “artefact”) saw the launch of a collaborative Original Cabin suitcase in physical form and as an NFT, each in limited quantities of 888.
The launch was also accompanied by a gamified challenge to the RTFKT community. Users had to solve tasks to uncover a “hacked space station”. When completed, users would be able to enter a draw for the chance to mint the NFTs, including 2,222 NFTs of a robot collectible also created for the collaboration.